Q1. The Planning Commission of India was replaced by which institution?

• A) Finance Commission
• B) NITI Aayog
• C) Reserve Bank of India
• D) Economic Advisory Council

Answer: B — NITI Aayog replaced the Planning Commission on 1 January 2015.

Q2. India's GDP growth rate for 2023–24 was approximately:

• A) 6.5%
• B) 7.5%
• C) 8.2%
• D) 5.5%

Answer: C — India's GDP grew at approximately 8.2% in FY 2023-24, making it the fastest growing major economy.

Q3. The Pradhan Mantri Jan Dhan Yojana was launched for:

• A) Agricultural loans
• B) Financial inclusion (bank accounts for all)
• C) Insurance for poor
• D) Pension scheme

Answer: B — PMJDY was launched on 28 August 2014 to provide universal access to banking facilities.

Q4. GST (Goods and Services Tax) was implemented in India on:

• A) 1 April 2017
• B) 1 July 2017
• C) 1 January 2018
• D) 15 August 2017

Answer: B — GST was rolled out across India on 1 July 2017.

Q5. The concept of Five-Year Plans in India was inspired by:

• A) USA
• B) UK
• C) USSR (Soviet Union)
• D) Japan

Answer: C — India's Five-Year Plans were inspired by the Soviet Union's centrally planned economic model.

Q6. Which sector contributes the most to India's GDP?

• A) Agriculture
• B) Industry
• C) Services
• D) Manufacturing

Answer: C — The services sector contributes about 55–60% of India's GDP.

Q7. The Green Revolution in India was primarily associated with:

• A) Horticulture crops
• B) High-yielding varieties of wheat and rice
• C) Tea and coffee
• D) Jute and cotton

Answer: B — The Green Revolution (1960s–70s) focused on high-yielding variety seeds for wheat and rice.

Q8. The Reserve Bank of India was established in:

• A) 1930
• B) 1934
• C) 1935
• D) 1947

Answer: C — The RBI was established on 1 April 1935 under the Reserve Bank of India Act, 1934.

Q9. Which is the apex bank for agricultural credit in India?

• A) SBI
• B) SIDBI
• C) NABARD
• D) NHB

Answer: C — NABARD (National Bank for Agriculture and Rural Development) is the apex institution for agricultural credit.

Q10. The term 'Inflation' refers to:

• A) Decrease in money supply
• B) Rise in general price level
• C) Fall in GDP
• D) Increase in employment

Answer: B — Inflation is defined as a sustained rise in the general price level of goods and services.

Q11. MNREGA provides guaranteed employment for how many days per year?

• A) 50 days
• B) 75 days
• C) 100 days
• D) 150 days

Answer: C — MGNREGS guarantees 100 days of unskilled wage employment per household per year.

Q12. Which Indian state has the highest per capita income?

• A) Maharashtra
• B) Goa
• C) Delhi
• D) Karnataka

Answer: C — Delhi (NCT) has the highest per capita income among states/UTs in India.

Q13. The term 'Bull Market' in stock exchange means:

• A) Prices are falling
• B) Prices are rising
• C) Market is closed
• D) High volatility

Answer: B — A Bull Market indicates rising stock prices and investor confidence.

Q14. Fiscal deficit means:

• A) Revenue deficit + Capital expenditure
• B) Total expenditure – Revenue receipts
• C) Total expenditure – (Revenue receipts + Capital receipts excluding borrowings)
• D) Tax revenue – Non-tax revenue

Answer: C — Fiscal deficit = Total expenditure – (Revenue receipts + Non-debt creating capital receipts).

Q15. The National Stock Exchange (NSE) is located in:

• A) Mumbai
• B) Delhi
• C) Kolkata
• D) Ahmedabad

Answer: A — NSE is headquartered in Mumbai (Bandra Kurla Complex).

Q16. 'Make in India' campaign was launched in:

• A) 2013
• B) 2014
• C) 2015
• D) 2016

Answer: B — Make in India was launched by PM Narendra Modi on 25 September 2014.

Q17. Foreign Direct Investment (FDI) refers to:

• A) Investment by domestic companies
• B) Investment by foreign entities in Indian businesses
• C) Government bonds
• D) World Bank loans

Answer: B — FDI is investment made by a foreign entity in the business interests of another country.

Q18. India's highest denomination currency note currently in circulation is:

• A) Rs. 500
• B) Rs. 1000
• C) Rs. 2000
• D) Rs. 500 (post 2016)

Answer: D — After demonetization in 2016, the Rs. 2000 note was introduced but has been withdrawn from circulation; Rs. 500 is the highest currently.

Q19. The Pink Revolution is associated with:

• A) Milk production
• B) Meat and poultry production
• C) Flower cultivation
• D) Shrimp production

Answer: B — The Pink Revolution refers to growth in meat and poultry production in India.

Q20. Which scheme provides crop insurance to farmers?

• A) PMAY
• B) PMFBY
• C) PM-KISAN
• D) PMKSY

Answer: B — Pradhan Mantri Fasal Bima Yojana (PMFBY) provides financial support to farmers suffering crop loss.